Riverside County Bridge Lenders for Residential Real Estate
A list of lenders offering bridge loans for a Riverside County residential property purchase. Most private mortgage lenders only offer loans for investment or business purpose. Some will consider a primary residence bridge in which a homeowner uses equity in one home to buy another. Change the loan type to "Residential Owner-Occupied" for more options.
In February 2017, The Wilshire Quinn Income Fund provided a $260,000 First Trust Deed bridge loan in Aguanga, Riverside County. This private mortgage allowed the borrower to pull cash out from his vacation home to use for business purpose. The ranch property, located east of Temecula, consists of a 1,820 square foot residence on 160 acres of land. The property was appraised for $960,000 so the total loan to value was 27%.
Purchase Bridge Financing Using Cross-Collateral for Riverside Fix & Flip
SDC Capital funded a $495,000 loan for the purchase and renovation of a single family residence in Riverside, CA. Unlike most lenders, we allow for cross-collateralization and provided our borrower with 100% purchase financing, plus an additional $35,000 to cover closing costs and provide cash-out proceeds to help fund the property's renovation. Additional collateral for the loan was comprised of junior liens on other investment property. The interest rate was 8.99% and we charged 1 point. This bridge loan was funded in November 2016.